Presentation on theme: "CHAPTER 15 REVIEW Let the Games Begin"— Presentation transcript:
1 CHAPTER 15 REVIEW Let the Games Begin Sales Contracts
2 Students will divide into 4 teams based on the seating assignments. Each team will send one member of the group up to be questioned.The teacher will read each question out in its entirety before the student will have an opportunity to answer.The first person to correctly guess the answer will win the point for their team.Instructions
3 GOOD LUCK! and may the odds be ever in your favor If the first person does not get the answer correct, the other three teams will have an opportunity to “steal” the point for their team.The first team to get to 10 points will win the game!There is no such thing as second place!GOOD LUCK! and may the odds be ever in your favor
4 When ownership transfers from one party to another, what else transfers?
5 When parties exchange goods for goods, the sale is called what?
6 Consideration for a sale or contract to sell goods may be expressed in what three ways?
7 According to the UCC, what four things are not included as goods in Ch 15?
8 Acceptance of goods occurs when: a. the goods are used or resold b Acceptance of goods occurs when: a. the goods are used or resold b. the buyer has agreed by words or conduct that the goods received are satisfactory c. The buyer fails to reject the goods within a reasonable length of time d. all of these
9 Unconscionable contracts are: a. criminal in nature b. null and void c Unconscionable contracts are: a. criminal in nature b. null and void c. unethical d. all of these
10 A receipt that serves as written evidence of the transfer of ownership of goods is called what?
11 Sales contracts are valid and enforceable in court if they are: a Sales contracts are valid and enforceable in court if they are: a. written b. oral c. implied from the conduct of the parties d. all of these
12 There are two ways to be classified as a merchant. What are they?
13 What would happen to a contract if one of the parties admits in legal testimony that they agreed to part or all of an oral contract governed by the statute of frauds?
14 What two things are necessary for a seller to enforce an oral contract for nonsalable goods?
15 Casual sellers: a. may be required to be licensed b Casual sellers: a. may be required to be licensed b. only sell occasionally c. only sell casual items d. are usually subjected to special taxation
16 What is the minimum value of goods that requires a contract to be evidenced in writing to be enforceable in court?
17 A seller offers some cookware valued at $725 to a young bride-to-be on an installment plan of $50 a month for 36 months. What type of contract was created in this situation?
19 If Benita gives her daughter 20 acres of land, what type of evidence of this transaction is needed? a. lease b. commercial paper c. deed d. none of these
20 Shawn needs a new refrigerator for her home Shawn needs a new refrigerator for her home. After she selects one, she purchases it for $825 using her credit card. The appliance store provides Shawn with written evidence of the transfer of the refrigerator from the appliance store to her. This receipt is known as what?
21 In a bailment transaction, the possession of what type of property is transferred without transfer of ownership?
22 What additional two terms can be used to describe a purchaser in a contract to sell goods?
23 Joy enters into a contract with a local modeling and acting agency in which she agrees to perform as a model at an upcoming commercial shoot. This legal right to performance under contract is known as what kind of property?
24 Alexander purchased a new commercial vacuum cleaner for use in his cleaning business. Because of its extensive use, the vacuum cleaner will decline in value as a result of the wear and tear it receives. This economic decline is known as what?
25 Roger offers to sell three of his full-bred dachshunds for $200 a piece to his neighbor, Bob. Bob gives Roger $600 and ownership of these dogs is immediately transferred to Bob. This contract or transaction is knows as what?
26 Movable, touchable personal property such as a file cabinet, desk or carpet is known as what?
27 A contract or clause within a contract that is grossly unfair and oppressive is said to be what?